1. Opening Hook
Sona Comstar just returned from CES 2026, flaunting robots, radars, and eVTOL gearboxes—while analysts stared at the margin slide like it was a surprise pop quiz. Revenue sprinted, EBITDA jogged, and margins… well, they chose to meditate.
Management says everything is strategic: EVs are long-term, order book is massive, and the future is EPIC (literally). But Q3 numbers whispered a different story—growth came with fine print, and BEV revenue decided to take a breather.
Read on. Because somewhere between humanoid actuators and labour code adjustments, the real story quietly unfolds—and it’s far more interesting than the glossy slides. 😏
2. At a Glance
- Revenue up 39% – Growth engine firing on all cylinders, fuelled by consolidation and scale.
- EBITDA up 30% – Respectable, but still lost the race to revenue.
- EBITDA margin at 25.2% – Product mix played spoiler, again.
- Adjusted PAT up 20% – After politely removing the labour code landmine.
- BEV revenue down 3% YoY – EVs blinked this quarter, didn’t disappear.
- Order book ₹235 bn – Management’s favourite slide, for good reason.
3. Management’s Key Commentary
“Our overall revenue grew by 39% during the quarter.”
(Translation: Volume cured most problems. Margins? We’ll discuss later.)
“BEV revenue declined by 3% due to program ramp-downs.”
(EV customers pressed pause, not stop. Fingers crossed.) 😏
“EBITDA margin declined due to adverse product mix.”
